READ MOREFormer Afren chief executive Osman Shahenshah and former chief operating officer Shahid Ullah laundered more than $45 million, some of which was used to buy luxury properties in Mustique and the British Virgin Islands, the SFO said.
"The significant sentences reflect the seriousness of this fraud. Shahenshah and Ullah violated their duties and their employees, the board of directors and shareholders paid the price," Lisa Osofsky, the director of the SFO, said in a statement.
While the executives have been sentenced to a total of 30 years in jail, the terms will be served concurrently. Shahenshah, who was also the co-founder of Afren, will serve six years, while Ullah will serve five years, the SFO said. ■